US Gulf/Tampa:
Tampa ammonia continued at July’s $415/mt CFR settlement, with no indications reported for August. While Cornbelt prices edged higher based on new fall prepay programs announced during the week, international markets were flat on limited demand and slightly lower European natural gas prices.
US Imports:
Ammonia imports fell 1.9% in July-May, according to data released by the US Census Bureau, to 2.19 million st from 2.24 million st in the prior year. May imports moved 28.4% lower, to 210,860 st from the year-ago 294,294 st.
Canada sent 1.10 million st to the US in the July-May fertilizer year-to-date, Trinidad and Tobago shipped 939,336 st, and Algeria moved into third place with 99,200 st.
US Exports:
Ammonia exports fell 19.4% in July-May, to 1.02 million st from the year-ago 1.27 million st. May cargoes were counted at 108,418 st, a 21.1% decline from the 137,368 st reported one year earlier.
Morocco took 307,568 st of ammonia in July-May, followed by Norway with 224,824 st. Chile received 94,138 st, and Mexico purchased 87,518 st.
Eastern Cornbelt:
Fall prepay ammonia offers were launched on July 9 at $505/st FOB terminals in Illinois and Indiana for 4Q shipment from all producers, up from recent prompt pricing in the $460-$475/st FOB range for limited offers. Sources reported “good buying” at the prepay level during the week.
Western Cornbelt:
Ammonia prices for fall prepay offers were reported at $500/st FOB Nebraska terminals, $505/st FOB Palmyra, Mo., and $510/st FOB Iowa terminals during the week, with delivered offers quoted at the $530/st level in Missouri.
Fall prepay ammonia programs were also circulating in the Southern Plains at $470/st FOB Enid and Woodward, Okla., $480/st FOB Verdigris, Okla., and $490/st FOB Dodge City, Kan., with truck-DEL prepay offers at the $525/st level in Kansas.
Northern Plains:
Fall prepay offers for ammonia were announced during the week at $515/st FOB Velva, N.D., and Glenwood, Minn., $520/st FOB Murdock, Minn., and $525/st FOB Grand Forks, N.D. for 4Q shipment. Delivered prepay business was reported in the $530-$550/st DEL range in North Dakota during the week.
Northwest Europe:
Despite no confirmed spot sales, the Northwest Europe ammonia spot market remained at $460-$470/mt CFR, continuing to find support in Algerian values of $430/mt FOB and in the higher Tampa settlement for July.
On the bearish side, natural gas prices in Europe have eased, with the Dutch TTF forward month now at $9.20/MMBtu and downstream nitrates demand remaining seasonally muted.
Southeast Asia:
Ammonia in Southeast Asia was reported at $350-$400/mt FOB. The Indonesian producer continued to indicate $400/mt FOB for spot sales while buyers in the Far East quoted lower values around $350/mt FOB for product originating in Southeast Asia.
Brazil:
January-June ammonia imports totaled 186,000 mt, according to Trade Data Monitor, up 18% from the year-ago 158,000 mt. Trinidad supplied 160,000 mt, for about 86% of the first-half imports, followed by Turkey with 25,000 mt. Second-quarter imports were 78,000 mt, a marginal increase from 75,000 mt in April-June 2023, while June imports of 30,000 mt were down from the 38,000 mt purchased in June 2023.
First-half ammonia exports totaled just 80 mt, down from 33,000 mt in first-half 2023. Brazil only exports ammonia when it has excess material on hand, sources said.